Taxes Done!!!!

[rid 05 198]

Which ones? You want all these forms taxed? Some already are. Which are the ones the rich are taking advantage of that the normal guy cannot?

Income that is not considered earned income includes:

Interest and dividends
Retirement income
Social Security benefits
Alimony
Unemployment benefits
Child support
Nontaxable employee pay
Investment-type income such as taxable interest, ordinary dividends, and capital gains distributions
Distributions from a trust

Which ones? All you listed and more. Qualified dividends is a big one. "Do you work for your money or does your money work for you"? My point was to make all income taxed at the same rate, if you work for it or not. Do that and then hear which pigs squeal the loudest.

[188Musky]

Which ones? All you listed and more. Qualified dividends is a big one. "Do you work for your money or does your money work for you"? My point was to make all income taxed at the same rate, if you work for it or not. Do that and then hear which pigs squeal the loudest.

That's a very utopian viewpoint and there are very logical reasons it isn't reality.

[pavi69]

actually it is in the 37% bracket but the weighted average or effective tax rate is 28%.

by contrast someone married filing jointly making 50k pays about 5% effective federal tax rate.

$50,000 married filing joint. Easy to leave out the Medicare and Social Security tax
tax on 50k.JPG

[davidsa]

I am aware of this but I guarantee they or their accountant will easily figure out mechanisms to reduce their actual taxes they pay for the year.

You are wrong. Like I said previously, if some has prior year losses, things they can depreciate then maybe reductions are possible but on plain income reported by an employer, a bank, a brokerage house, etc you will get caught if you cheat. The reason is all of these institutions send the govt a copy of your earnings and in the years after you file they can do a compare of what what was reported to the IRS vs what you claimed. You get a very nice letter on the differences suggesting a settlement.

The notion that somehow households making a lot of money don't pay tax is nonsense.

oh, and everyone gets hit with medicare, social security, state and local taxes as well.

[boneil]

You are wrong. Like I said previously, if some has prior year losses, things they can depreciate then maybe reductions are possible but on plain income reported by an employer, a bank, a brokerage house, etc you will get caught if you cheat. The reason is all of these institutions send the govt a copy of your earnings and in the years after you file they can do a compare of what what was reported to the IRS vs what you claimed. You get a very nice letter on the differences suggesting a settlement.

The notion that somehow households making a lot of money don't pay tax is nonsense.

oh, and everyone gets hit with medicare, social security, state and local taxes as well.

Many people only pay social security for a couple months out of the year. While most pay it year round. Not sure thats really fair.

[davidsa]

Many people only pay social security for a couple months out of the year. While most pay it year round. Not sure thats really fair.

indeed,

but a program self described as "social" and really fair we can't get into without bringing political views forward

[unknown angler]

Didn't Mr. Buffet once say that his secretary paid more taxes than him ? Or was that a myth ?

[Bobby Gray]

April.. that's when they get my contribution to somebody besides me. Not a moment before.

[davidsa]

Didn't Mr. Buffet once say that his secretary paid more taxes than him ? Or was that a myth ?

no clue, our tax system collects on formal income not accumulated wealth.

I'd also suggest that multibillionaires have situations that most high income earning households don't have so the association of Buffett to regular people is misleading. Like saying that since Dr J. could dunk from the free-throw-line that any elite highschool basketball player should be able to do so as well.

[Bobby Gray]

Many people only pay social security for a couple months out of the year. While most pay it year round. Not sure thats really fair.

They pay the max into it in those months.. As well they can only draw the max out of it eventually - if at all due to other income. It's completely fair.

[RazorCat]

Delivered our packet to our accountant on Monday. Hope to get back or pay out as little as possible. That way I know I kept as much of MY MONEY as possible and didn’t loan it to the idiots in D.C. during last year just so they could give it back to me.

[Bob G.]

Many people only pay social security for a couple months out of the year. While most pay it year round. Not sure thats really fair.

When I worked, I maxed out Social Security several times until the taxable income hit $97,500, then the party was over. It was nice having extra in my paycheck for the last couple of months of the year.

[txbass1]

When I worked, I maxed out Social Security several times until the taxable income hit $97,500, then the party was over. It was nice having extra in my paycheck for the last couple of months of the year.

It is almost double that for 2025 at $176,100

[hardnibbles]

Speaking of taxes, we got our quarterly bonuses at work today.

After Federal, Social Security, Medicare, and NC State, I got to keep 65% of it.

[Dixie-Raven]

Speaking of taxes, we got our quarterly bonuses at work today.

After Federal, Social Security, Medicare, and NC State, I got to keep 65% of it.

I heard the guy that won that last big lotto of 2 billion plus only took home around $468 million after all Federal and State taxes were taken out! Absolutely highway robbery!!!

[Rider99XX]

I heard the guy that won that last big lotto of 2 billion plus only took home around $468 million after all Federal and State taxes were taken out! Absolutely highway robbery!!!

I'll take the $468 million and be perfectly happy

[basshammerwannabe]

I'll take the $468 million and be perfectly happy

Ill split it with you and be happy!

[n2ratfishin]

I heard the guy that won that last big lotto of 2 billion plus only took home around $468 million after all Federal and State taxes were taken out! Absolutely highway robbery!!!

Maybe the focus should be on our federal government spends 2 Billion dollars every 7 hours per AI vs looking at each others earnings? Mind you that’s only the Feds and does not include how mulch state, county, or local governments go through in the time it takes you to earn a few hundred dollars?

I agree Dixie, it’s highway robbery, especially given how many more times that 400 million will get taxed.

[Dixie-Raven]

I'll take the $468 million and be perfectly happy

But I would be more happy will a billion plus!

[pavi69]

But I would be more happy will a billion plus!

Then don't take the cash option